Question

Please help solve this

Answer 1

Answer:

The Gross Domestic Product of the territory is $ 172 million.

Explanation:

The Gross Domestic Product (GDP), measured in monetary units, is the market value of all goods and services within a territory in a given period of time, usually annual, which is estimated by the following expression:

$GDP = C+BI+GEx+GEn+E-I$ (1)

Where:

$C$ - Consumption.

$BI$ - Business investments.

$GEx$ - Government expenditures.

$GEn$ - Government entitlements.

$E$ - Exports.

$I$ - Imports.

Please notice that positive sign represents money that has entered into the economy of the territory.

If we know that $C = 50\times 10^{6}$, $BI = 10\times 10^{6}$, $GEx = 75\times 10^{6}$, $GEn = 38\times 10^{6}$, $E = 12\times 10^{6}$ and $I = 13\times 10^{6}$, then the GDP of the territory is:

$GDP = 50\times 10^{6}+10\times 10^{6} + 75\times 10^{6}+38\times 10^{6}+12\times 10^{6}-13\times 10^{6}$

$GDP = 172\times 10^{6}$

The Gross Domestic Product of the territory is $ 172 million.